Are you saving enough for retirement? Do you know how much you need to live on for at least 20 years? According to a recent study carried out by pensions and investment company Scottish Widows, it would seem that the majority of people aren’t saving anywhere near enough.
In fact, pension savings seems to have dropped to its lowest point in eight years. Just 46% of workers are taking advantage of workplace pension schemes. But why does this matter? Retirement may seem a long way off, but if you fail to save early enough you’re likely to find yourself in financial difficulties later on. Save now and you’ll be comfortable later.
Sadly, all too often, people tend to put retirement planning to the back of their mind. Admittedly the subject of pensions is not exactly a riveting one, but as we’re all going to get older it’s a topic we all need to address at some point. Saving while you are still able to earn an income gives you some financial security in later years, and by the time you retire you’ll be able to live comfortably. In stark terms, you need to save enough to keep you going for at least 20 years once you retire. And with the cost of living rising, you’ll need to save more than you think, otherwise you could find yourself in financial difficulties when you reach your 80s.
Being in debt at any point in your life is hard enough, but being in debt during retirement is even harder. That’s why the sooner you sort out your money difficulties now, the sooner you can start saving and plan effectively for your retirement.
Debt management companies are specialists in resolving on-going debt problems. They can help you reduce your monthly debt repayments and liaise with your creditors on your behalf.
Through low interest debt consolidation loans – which merge all your outstanding payment into one lump payment, debt management plans – which reduces your monthly repayments or IVA, which is an alternative to bankruptcy, debt consolidation experts will talk you through the best repayment solution to meet your needs.
It may not be easy getting out of debt, but once you’ve repaid all that you owe, you can plan for the future and ensure that your retirement is a happy and financially comfortable one, and not overshadowed by the fear of debt.